Beijing, Shanghai, Guangzhou, Shenzhen, and Chengdu's real estate markets all rebound: March saw a small spring-like upswing, with a key window period approaching in the second quarter.

On April 6th, CRIC’s in-depth consulting and PuRui Smart City organization survey data showed that in March, the “Little Spring” arrived as expected. The pace of new housing supply significantly increased nationwide, with approximately 4.88 million square meters of new commercial residential space added in 50 key cities, a 19% month-on-month increase. Among them, first-tier cities surged by 85% month-on-month, second-tier cities grew by 31%, while the scale of new supply in third- and fourth-tier cities continued to shrink, and inventory pressure gradually eased.

Looking at the performance of five key cities—Beijing, Shanghai, Guangzhou, Shenzhen, and Chengdu—in March, Shanghai saw 22 projects entering the market, with visitor and subscription numbers doubling; Beijing’s transaction volume was only second to March last year; Guangzhou’s Liwan and Tianhe districts saw strong sales of new projects; Shenzhen experienced a key recovery window after the holiday; notably, a project in Chengdu attracted over a thousand groups of clients participating in lotteries, with “sunlight listings” reappearing.

Based on the current performance of these cities, the “Little Spring” may continue in some areas.

Shanghai: 22 projects entering the market, visitor and subscription numbers doubling

In early March this year, Shanghai’s second-hand housing market led the way, with monthly transactions exceeding 30k units. New housing followed after the second-hand market, with typical projects seeing approximately double the visitor and subscription volumes.

Regarding project openings, a total of 31 projects either launched or resumed sales in March, with 22 of them entering the market in the last few days of the month. Due to the late opening times, transaction data has been delayed and is not yet fully reflected in the figures.

However, visitor and subscription data at sales sites show a very clear increase, indicating a significant rebound in market confidence. For example, a project on Zhongxing Road in the city saw visitor numbers increase by 98%, and subscriptions rose by 4.25 times; some projects in Beiwaitan experienced a 70% increase in visitors and a 1.58-fold increase in subscriptions; another project in Dongjing outside the city saw a 52% rise in visitors and about double the subscriptions.

Beijing: Transaction volume in March only second to last March

Beijing’s “Little Spring” is full of vitality. After only one project launched in February, the market’s enthusiasm for new launches in March increased significantly, with 14 projects entering the market.

In terms of transactions, in March 2026, Beijing’s commercial residential sales totaled 3,403 units, the highest in nearly a year, second only to March 2025.

Guangzhou: Multiple projects using price cuts to boost volume, luxury market repeatedly hitting record prices

In Guangzhou, on one hand, several projects used price reductions to increase sales, with frequent good news; on the other hand, the luxury market repeatedly saw record-high transactions, maintaining high enthusiasm.

For example, in Liwan Fangcun, Poly Pearl River Tianyue’s unit price exceeded 100k yuan per square meter. Additionally, in Tianhe Financial City, Poly Yuexi Bay sold a top-tier luxury unit at about 280k yuan per square meter in early the month, with a total price close to 200 million yuan. This was only second to a top-tier product in Huiyue Terrace in October 2024 in terms of unit price, and the total price ranked among Guangzhou’s top ten in history.

Focusing on March, Guangzhou developers were highly active, with 27 projects launching 29 times, totaling over 3,000 units, a 28% increase year-on-year.

Shenzhen: New supply volume surged by 228%

In Shenzhen, March marked a key recovery window after the holiday, with both new supply and demand rising simultaneously. Visitor and subscription numbers at sales sites increased sharply, fully realizing the “Little Spring” market.

Overall, new residential supply in March increased by 228% to 199.7k square meters. Demand also rebounded, with transaction volume reaching 305k square meters, a 107% month-on-month increase. The market was in a mild recovery phase, reversing the previous shrinking trend, showing clear signs of a “Little Spring” warming.

Focusing on projects, Shenzhen launched or added new units in 9 projects in March, with nearly 1,700 new residential units entering the market.

Chengdu: New home transactions in March totaled about 5,641 units, up 101.9% month-on-month

In Chengdu, the new home market in March saw a total of approximately 5,641 units sold, with a transaction area of about 739.7k square meters and a transaction value of approximately 13.47 billion yuan, representing increases of 101.9%, 93.98%, and 83.04% respectively compared to the previous month.

In March, the five key cities—Beijing, Shanghai, Guangzhou, Shenzhen, and Chengdu—experienced a clear “Little Spring” rebound, leading the recovery.

Q2 of 2026 will be a critical period for confirming the bottom and structural differentiation in China’s real estate market.

For market participants, it is essential to recognize that “differentiation” has become the new normal. The value of high-quality assets in core cities will gradually solidify, providing relatively safe windows for first-time and improved homebuyers.